Tel Aviv: Global oil prices have sharply increased following Israel's unexpected air strikes on Iranian nuclear and military sites. As of late June 13, futures for the benchmark Brent blend rose by more than 7 percent compared to the previous day and surged by 12.5 percent over the past week. Similarly, U.S. West Texas Intermediate crude ended the trading day up 7.62 percent, marking a 13 percent increase compared to a week ago. According to Radio Free Europe Radio Liberty, Iran has issued indirect warnings about potentially disrupting oil tanker traffic through the Strait of Hormuz, a crucial maritime route. This narrow waterway is essential for nations like Saudi Arabia, Kuwait, Iraq, and Iran, which depend on it to transport their oil to China and other global markets. Approximately one-fifth of the world's total oil consumption flows through the strait. Ukrainian President Volodymyr Zelenskyy has expressed concerns over the political implications of rising oil prices. He highlighted that Russia, which h eavily depends on global oil revenues, could benefit economically from the situation. "The strikes led to a sharp increase in the price of oil, which is negative for us," Zelenskyy stated, noting that the heightened oil income could bolster Russia's war economy.
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